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Derived from Landsat imagery and capable of enhancing the contrast between surface water bodies and the background, water indices are widely used in surface water body extraction. Whether one index and its optimal threshold can maintain the best all year round is a question. At present, however, little research has considered the effect of time or conducted experiments with data from different months. To identify the best index for surface water body extraction, two regions in Jilin Province were selected for the case study and a comprehensive comparative analysis considering the imagery acquisition time was conducted. Ten water indices were selected and calculated based on the 30 m spatial resolution Landsat TM/OLI imagery acquired in 1999 and 2001 and 2019 and 2021 from May to October. The indices included the Modified Normalized Difference Water Index (NDWI3 and MNDWI), Automated Water Extraction Index (AWEI) for images with and without shadow, Multi-Band Water Index (MBWI), New Water Index (NWI), Water Ratio Index (WRI), Sentinel-2 Water Index (SWI) originally calculated based on the Sentinel-2 imagery, New Comprehensive Water Index (NCIWI), Index of Water Surfaces (IWS), and Enhanced Water Index (EWI). The OTSU algorism was adopted to adaptively determine the optimal segmentation threshold for each index and the indices were compared in terms of inter-class separability, threshold sensitivity, optimal threshold robustness, and water extraction accuracy. The result showed that NWI and EWI performed the best in different months and years, with the best water enhancement effect that could suppress background information, especially for the water-related land use types and cloud pollution. Their optimal segmentation thresholds throughout the study period were more stable than others, with the ranges of −0.342 to −0.038 and −0.539 to −0.223, respectively. Based on the optimal thresholds, they achieved overall accuracies of 0.952 to 0.981 and 0.964 to 0.981, commission errors of 0 to 28.2% and 0 to 7.7%, and omission errors of 0 to 15% and 0 to 8%, with a kappa coefficient above 0.8 indicating good extraction results. The results demonstrated the effectiveness of NWI and EWI combined with the OTSU algorithm in better monitoring surface water during different water periods and offering reliable results. Even though this study only focuses on the lakes within two regions, the indices have the potential for accurately monitoring the surface water over other regions. Full article